Umpqua Bank Settles Fraud-Assistance Suit Following Mistrial (1)

Umpqua Bank and victims of a $300 million Ponzi-like real estate scheme have reached an agreement to settle claims that the bank aided the fraud after a trial resulted in a hung jury, they told a federal court Thursday.

The parties’ notification to the US District Court for the Northern District of California didn’t include the terms of the classwide settlement, which is still being finalized.

• Shela Camenisch and others who invested money with Novato, Calif.-based Professional Financial Investors Inc. and a related company brought the suit against PFI’s bank, Umpqua, to recover funds they say they lost
• A San ...